Zhifei Bio's revenue exceeded 3 billion in 221
Zhifei Bio's revenue exceeded 3 billion in 221, and the medium-high growth momentum continued in the first quarter. Among them, 2.11 million tetravalent HPV vaccines were issued, an increase of nearly 7%, 4.83 million nine-valent HPV vaccines were issued, and Zhifei Bio's revenue exceeded 3 billion in 221. Zhifei Bio's revenue exceeded 3 billion yuan in 221
On April 28th, Chongqing Zhifei Biological Products Co., Ltd. (hereinafter referred to as "Zhifei Bio") disclosed its financial report. In 221, it benefited greatly from COVID-19 vaccine, a self-developed product, and HPV vaccine, the revenue of Zhifei Bio exceeded 3 billion yuan, up 11.79% year on year. However, by March 31, the company's accounts receivable reached 16.781 billion yuan.
COVID-19 vaccine was used urgently, and the revenue of independent products increased by 77.61% year-on-year.
According to the financial report, in 221, Zhifei Bio achieved revenue of 3.652 billion yuan, up by 11.79% year-on-year. The net profit attributable to shareholders of listed companies was 1.29 billion yuan, a year-on-year increase of 29.23%. From the perspective of revenue composition, the company's agent products achieved revenue of 2.931 billion yuan, a year-on-year increase of 49.99%, which is still its "ballast stone". In 221, due to the emergency use of vaccines in COVID-19, the revenue of its own products reached 9.697 billion yuan, a year-on-year increase of 77.61%.
In terms of independent products, the recombinant novel coronavirus protein vaccine (CHO cells) jointly developed by Zhifei Bio and Institute of Microbiology, Chinese Academy of Sciences was put into emergency use in March 221. According to the financial report, as of the disclosure date of the report, the recombinant COVID-19 vaccine was approved for conditional marketing in 222 and used as a sequential booster to provide protection for more than 1 million people. In the financial report, Zhifei Bio admitted that COVID-19 vaccine is one of the driving factors of its performance.
It is understood that Anhui Zhifeilong Kema Bio-pharmaceutical Co., Ltd. is an applicant for recombinant novel coronavirus protein vaccine and a wholly-owned subsidiary of Zhifei Bio. In the financial report, Anhui Zhifeilong Kema Bio-pharmaceutical Co., Ltd. achieved a revenue of 8.419 billion yuan in 221 for the introduction of "major subsidiaries and shareholding companies that have an impact on the company's net profit by more than 1%". In this part of the introduction in 22, Beijing Zhifei Green Bamboo Biopharmaceutical Co., Ltd. is a shareholding company that has an impact on Zhifei Bio's net profit by more than 1%, and only achieved revenue of 1.199 billion yuan in that year. Obviously, the heavy volume of vaccines in COVID-19 has become the backbone of the revenue of Zhifei Bio-independent products.
The amount of HPV vaccine purchased by the largest supplier is nearly 9%
In terms of agency products, Merck is the main supplier of Zhifei Bio. In 221, the Merck products of Zhifei Bio-agent mainly include nine-valent HPV vaccine, five-valent rotavirus vaccine, 23-valent pneumonia vaccine vaccine and inactivated hepatitis A vaccine.
among them, 8825 tetravalent HPV vaccines were issued in batches throughout the year, with an increase rate of 21.93%; The number of nine-valent HPV vaccines issued in batches throughout the year was 126168, with an increase rate of 11.45%; The number of pentavalent rotavirus vaccines issued in batches throughout the year was 738624, with an increase rate of 83.2%; 23-price pneumonia vaccine issued 1,475,653 pieces in the whole year, with an increase rate of 28.4%; 87,151 inactivated hepatitis A vaccines were issued in batches throughout the year, with an increase rate of 67.44%.
The financial report shows that the total purchase amount of the top five suppliers is 17.22 billion yuan, of which the purchase amount of the first supplier is 16.562 billion yuan, accounting for 88.4% of the total annual purchase amount. It is speculated in the industry that the supplier is Merck.
The brokerage firm reminds that the COVID-19 vaccine is not as good as expected, and the company's accounts receivable amount to 16.781 billion yuan.
According to the analysis of Southwest Securities, it is estimated that the net profit of Zhifei Bio returning to its mother in 222-224 will be 7.3 billion yuan, 11.1 billion yuan and 12.6 billion yuan, respectively, corresponding to PE of 21, 14 and 12 times, and the "buy" rating will be maintained. However, the risk warning of Southwest Securities suggests that there may be the risk that the quantity of COVID-19 vaccine is less than expected, the research and development fails, and the product price is reduced.
The reporter noted that in the first quarter, Zhifei Bio achieved a revenue of 8.841 billion yuan, a year-on-year increase of 125.16%. However, by the end of the reporting period, its accounts receivable had reached 16.781 billion yuan. Zhifei Bio's revenue in 221 exceeded 3 billion 2
As the exclusive agent of Merck in China, the situation of "one dose of nine-valent HPV vaccine is hard to find" continues to promote the performance of Zhifei Bio (3122.SZ). The annual report shows that with the continuous increase of self-developed products and agent HPV vaccine, the company's net profit increased by 29.23% in 221.
of course, the performance of the company's self-developed products can't be ignored, and its revenue proportion has increased significantly from 7% last year to 31.64%, with a considerable growth rate. Or, as a result, many Public Offering of Fund chose to add positions in the first quarter, including 15,4,2 shares of China-Europe Medical Health Plus Zhifei Bio managed by "Top Stream" Gulen.
The number of batches of nine-valent HPV vaccine doubled
On the evening of April 27th, Zhifei Bio disclosed its financial report for 221, showing that its revenue last year was 3.652 billion yuan, up by 11.79% year-on-year; The net profit of returning to the mother was 1.29 billion yuan, a year-on-year increase of 29.23%; The non-net profit attributable to the mother was 1.184 billion yuan, a year-on-year increase of 26.48%.
Among them, the nine-valent HPV vaccine represented by Zhifei Bio-agent increased by 11.45%, and the number of batches issued exceeded 1 million, reaching 1.2668 million; 23-price pneumonia vaccine increased by 28.4% year-on-year, and the number of batches issued was 1,475,653.
Source: Zhifei Biological Annual Report
Moreover, the high growth momentum in the first quarterly report continued, among which 2.11 million tetravalent HPV vaccines were issued in batches, an increase of nearly 7%; Nine-valent HPV vaccines were issued in batches of 4.83 million, an increase of nearly 28%; 3.24 million pentavalent rotavirus vaccines were issued in batches, an increase of nearly 22%; 23-price pneumonia vaccine issued 48, pieces in batches, with an increase of over 1%.
overall, the revenue of agency products reached 2.931 billion yuan, which continued to strongly support the company's performance. This year, the company purchased 11.517 billion yuan from Merck.
According to the Agreement on Supply, Distribution and Promotion signed by the company and Merck at the end of 22, it is planned to adjust and renew the basic purchase amount of HPV vaccine, pentavalent rotavirus vaccine, 23-valent pneumonia vaccine and inactivated hepatitis A vaccine, among which the purchase amount of HPV vaccine in 221-223 is 1.289 billion yuan, 11.557 billion yuan and 62.5% respectively.
Of course, this is also related to the growing sales network of Zhifei Bio. The annual report shows that Zhifei Bio currently has nearly 3, professional marketing teams and 2,817 sales staff in 221, up 48% year-on-year. The marketing network covers 31 provinces, autonomous regions and municipalities directly under the Central Government, more than 3 cities, more than 2,6 districts and counties, and more than 3, primary health service points (township inoculation points and community clinics).
The revenue of independent products increased by 76%. Public Offering of Fund increased its holdings by over 8.5 billion yuan in the first quarter.
Besides the popularity of agency products, Zhifei Bio's independent products also achieved outstanding results, with its contribution revenue of 9.697 billion yuan, up by 76% year-on-year, accounting for 31.64% of the total revenue. In 22, independent products only achieved revenue of 1.2 billion yuan, accounting for 7.91%.
the revenue proportion of Zhifei's independent products
Among them, the number of batches of AC polysaccharide vaccines increased from zero to 223,98, and the number of ACYW135 polysaccharide vaccines reached 6.95 million.
as for COVID-19 vaccine, which is more concerned by the market, in March 221, the company's recombinant novel coronavirus protein vaccine (CHO cell) (Zhikeweide) was put into emergency use to serve the implementation of the national large-scale immunization program, and was approved for emergency use in many countries, which has provided protection for more than 1 million people. This year, the company's recombinant COVID-19 vaccine was approved for listing with conditions and used as a sequential booster. Recently, it was also included in the "List of novel coronavirus Vaccine Products for Export", which will be used for export to support international anti-epidemic.
The annual report also shows that the company's tuberculosis product matrix is welcoming commercialization. The previously approved Mycobacterium tuberculosis fusion protein (EC) (Yika) and Mycobacterium bovis for injection (Microcard) are progressing smoothly. Microcard has won the bid in 25 provincial units, and bidding and product promotion in other regions are also being actively promoted.
At present, Zhifei Bio * * has 29 research projects, and many self-developed products have made progress in stages. Among them, freeze-dried rabies vaccine for human use (Vero cells), bivalent conjugate vaccine for Shigella flexneri and ACYW135 group meningococcal conjugate vaccine entered the third phase of clinical trial; Two products under research, DTP vaccine and inactivated rotavirus vaccine, entered the first phase of clinical trial.
this also benefits from the company's continuous investment in research and development. In 221, Zhifei Bio-R&D investment reached 814 million yuan, a year-on-year increase of 69.38%, and the number of R&D personnel increased from 414 in 22 to 566, a year-on-year increase of 36.71%.
In addition, as a number of heavyweight stocks in Public Offering of Fund, Zhifei Bio gained a number of Public Offering of Fund holdings in the first quarter of this year, including "Dingliu" Gulen. According to the calculation of Titanium Media APP, the total market value of the holdings exceeded 8.5 billion yuan.
Source of positions of China-Europe Medical Health in the first quarter: China-Europe Medical Health Quarterly Report
According to the first quarter report, China-Europe Medical Health managed 15,4,2 shares of Jiacang Zhifei Bio. She said: "Excellent companies will still recover from the fluctuation to the growth trend. ""The policy has generally continued a steady and positive trend, and the orientation of guiding the industry to change to products and services with real innovation and clinical value and high cost performance has not changed. "
At the same time, some industry-wide active equity funds are also adding more than 1 million shares to Zhifei Bio, such as Dongfanghong Qiheng managed by Feng Zhang, general manager of Dongfanghong Asset Management, Jing Shun Great Wall managed by Li Jin, and Fuguo Innovation Trend managed by Li Yuanbo.
as of the first quarter of 222, the China-Europe medical and health hybrid fund managed by Gulen and China Merchants Guozheng Biomedical Index Fund ranked the fifth and seventh largest shareholders. China Merchants Guozheng Biomedical A managed by China Merchants Fund Hou Hao holds 11.18 million shares of Zhifei Bio, an increase of 4.17 million shares over the same period last year. Zhifei Bio's revenue in 221 exceeded 3 billion 3
Zhifei Bio (3122.SZ), headed by "Vaccine King" Jiang Rensheng, handed over two transcripts that exceeded market expectations.
on the evening of April 27th, Zhifei Bio released the 221 annual report and the first quarterly report of 222. Last year, the company achieved revenue of 3.652 billion yuan, net profit of 1.29 billion yuan and non-net profit of 1.184 billion yuan, up by 11.79%, 29.23% and 26.48% respectively.
in the first quarter of 222, Zhifei Bio achieved revenue, net profit and non-net profit deduction of 8.841 billion yuan, 1.923 billion yuan and 1.896 billion yuan respectively, up by 125.16%, 14.95% and 11.15% respectively. In the first quarter, the average daily income of the company was nearly 1 million yuan.
At the end of 221, the company's actual controller Jiang Rensheng and his concerted actions held 899 million shares, accounting for 56.21% of the total share capital. In the first quarter of 222, Jiang Rensheng reduced his holdings by 29 million shares, and the family shareholding ratio dropped to 54.42%. The 222 Hurun Global Rich List released on March 17th shows that Jiang Rensheng's family became the richest man in Chongqing with a wealth of 15 billion yuan.
The reporter of Time Weekly noted that CEIBS Healthcare managed by Gulen reduced its position by 839,9 shares in the fourth quarter of last year and increased its position by 458,7 shares to 15,4,2 shares in the first quarter. China Merchants Guozheng Biomedical also increased its position by 81,5 shares to 11,819,1 shares. It is worth mentioning that funds No.9 and No.13 of private equity Yingshui Investment bought for the first time in the first quarter, holding 11.717 million shares and 9.966 million shares respectively, and their total holdings have surpassed CEIBS Medical Health and become the largest institutional shareholders.
the bright performance did not make the secondary market boil. On April 28th, Zhifei Bio closed at 93.72 yuan/share, down 3.84%.
the revenue of independent products exceeds 3% for the first time
Zhifei Bio was established in 1995 and landed on the Growth Enterprise Market in 21. It is mainly engaged in research and development, production, sales, distribution and import and export of vaccines and biological products. The company's products include independent products and agency products. In 221, the revenue of independent products accounted for the first 3%, reaching 31.64%.
In addition, Zhifei Bio has 26 independent research and development projects. Soochow securities said that Zhifei Bio promoted the promotion and access of EC (recombinant mycobacterium tuberculosis fusion protein) and micro-cards, and it is expected that it will win the bid in more than 9% provinces in China in the first half of 222. Freeze-dried rabies vaccine for human use will be reported soon, and tetravalent influenza vaccine and freeze-dried triple vaccine are expected to be reported in 222.
in 221, the company's independent products achieved revenue of 9.697 billion yuan, up 77.61% year-on-year, with a gross profit margin of 9.12%. It is worth mentioning that, except for ACYW135 polysaccharide vaccine, the batch issuance of independent products in the market increased by 14.68%, while the batch issuance of AC conjugate vaccine and Hib vaccine decreased by 12.19% and 16.3% respectively.
The number of batches issued for independent products decreased, and the revenue of independent products soared. On the morning of April 28th, Times Weekly reporter called Zhifei Bio, but the relevant personnel did not give a clear reply.
Zhifei Bio's performance growth in 221 also comes from the expansion of the sales team. During the reporting period, its sales expenses were 1.834 billion yuan, a year-on-year increase of 53.22%; There were 2,817 salespeople, a year-on-year increase of 48%. According to the data of straight flush, the average sales expenses of 11 vaccine concept enterprises that have disclosed their 221 performance report are 6 million yuan, and the sales expenses of Zhifei Bio rank first.
during the reporting period, zhifei bio-research and development invested 814 million yuan, accounting for only 2.66% of the revenue. According to the above statistics, the average R&D investment of vaccine concept enterprises is 4 million yuan, accounting for 12.5% of revenue.
Over-reliance on agency products
Zhifei Bio has successively delivered performance exceeding market expectations, which is related to agency products. In 221, the revenue of agency products reached 2.931 billion yuan, up 68.28% year-on-year, accounting for 68.29% of the total revenue. The gross profit margin of this business is 29.98%.
At present, Merck is the main agent of the company.